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- EUR/USD drops to 3-week low
EUR/USD drops to 3-week low
On Friday, the EUR/USD pair was trading in the range of 1.0360-1.0435 and closed the session in negative territory near the price of 1.0355. Today, the pair started trading near a 3-week low from 1.0270 to 1.0210. On the hourly chart, EUR/USD dropped below the MA (200) H1 moving average line (1.0420) and below MA (200) H4 (1.0380) on the four-hour chart. Based on the above, it is probably worth starting to stick to the southern direction in trading and while the pair has gained a foothold below the MA 200 H1, it is necessary to look for entry points to sell.
Resistance levels are at: 1.0270, 1.0340, 1.0420-35
Support levels are at: 1.0180, 0.9940, 0.9780
The main scenario for the pair's advance still assumes a breakout of the support 1.0180 (Jan 13 low) and there may be a decline to 0.9940 (Nov 10’ 2022 low)
An alternative scenario implies a breakout of the session high of 1.0270, an increase to 1.0340 (Jan 21 low) and then, perhaps, to 1.0420-35 (Jan 31 high, MA (200) H1)
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